Ryan Todd

Ryan Todd is a research analyst at The Block where he focuses on the convergence of fintech and digital assets. Previously he worked at Deutsche Bank as an equity analyst covering consumer finance and payments companies, and also spent time at ConsenSys exploring the broader Ethereum ecosystem. Ryan holds a BS in Economics and Accounting/Finance from Florida State University, and MS Finance from Vanderbilt University.

Revisiting Maker: Expanding the TAM

As covered in last year’s Summer of DeFi report, the outsized growth in volumes and capital flow (usage) of DeFi protocols helped to materialize protocol revenue (defined as revenue that is earned by both underlying protocol token holders and protocol liquidity providers) last summer (<$50 million across DeFi). 8 months and a bull market later […]
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May 13, 2021, 10:30AM UTC

The State of the Crypto Credit Ecosystem

This report provides an introduction to the state of crypto credit markets, including a look at unique market structure characteristics that drive the supply and demand of crypto credit; and concludes with comments from various industry participants on the opportunities that remain within the broader crypto credit ecosystem.
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May 6, 2021, 9:21AM UTC

Keeping track of all the institutional crypto structured products

The crypto economy, while still emergent, is rapidly evolving in both size and scope. In the first two months of 2021 there has been more than $2 trillion worth of crypto-asset trading volume, ~$700 billion worth of dollar-denominated transaction volume on public blockchain networks, and more than ~$500 million in sales volume of digital token-based […]
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Mar 18, 2021, 10:33AM UTC

Visa is winning the battle for crypto cards. It's now poised to bring Crypto-as-a-Service to financial institutions

As pointed out in last week’s coverage of Coinbase’s S-1, the crypto-economy is roaring. In the past 30 days alone, there have been more than a trillion dollars worth of crypto-asset trading volume, $400 billion worth of stablecoin transaction volume on public blockchain networks, ~$100 billion in trading volume on smart-contract based decentralized exchanges, $250 million sales volume […]
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Mar 5, 2021, 10:19AM UTC

The Interchange: Endgames

A big focus for this column is to address developments that bleed across crypto, capital markets, and broader fintech: exploring in a research-driven way, the specific news stories and real-world examples that showcase how digital assets and open finance primitives could impact both monetary and payment systems, as well as broader capital markets.  It’s easy […]
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Feb 22, 2021, 10:35AM UTC

The Interchange: Bakkt to Frothy Markets

Bakkt to Frothy Markets “We’re not crazy… We didn’t lose our minds.” Those were the fighting words Intercontinental Exchange (ICE) CEO Jeff Sprecher dealt out on last year’s earnings call when discussing the idea of pivoting Bakkt to a global exchange for airline miles, loyalty points, and “swords and sickles” from video games. “We know […]
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Jan 14, 2021, 12:36PM UTC

The Block Research 2021 Analyst Call - Video Recording and Slides

Each month The Block Research hosts a private analyst call for its research members. To kick off the new year, we opened the call publicly for the first time. The call explored key takeaways from The Block’s 2021 Digital Asset Outlook Report and an open Q&A section. Topics included: State of the Market 2021 DeFi […]
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Jan 12, 2021, 10:41PM UTC

The Interchange: Crypto is now a trillion dollar asset class. What now?

7 days into 2021 and it has already been a year of firsts for crypto. Headlined by the total market value of all outstanding digital assets clearing more than a trillion dollars for the first time ever, several crypto metrics are now (again) measured in the trillions — including annual on-chain transaction volumes of stablecoins, […]
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Jan 7, 2021, 12:00PM UTC

The Interchange: 2020 Year in Review

2021 here we come.   This week officially marks my second full year at The Block, and in terms of writing the weekly Interchange column, I’m closing in on issue #80.    A big focus for this column this year was to address developments that bleed across crypto, capital markets, and broader fintech; exploring in […]
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Dec 29, 2020, 12:00PM UTC

The Interchange: Cash App bitcoin rewards and other debit programs could onboard millions more into the ecosystem

In The Block’s 2020 Research Outlook, the rise of ‘crypto rewards cards’ was one of a handful of thematic trends presented to watch for in 2020, with the expectation for both BlockFi and Fold to launch respective bitcoin credit, and bitcoin debit card rewards, respectively. From the report: [We expect] the bitcoin rewards space to be […]
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Dec 17, 2020, 12:00PM UTC

The Interchange: Wait, it's all just banks?

Even after covering banking and payment developments for now nearly two years at The Block, I’m still amazed at just how rapidly everything is coming together around building market structure and financial services for digital assets. Take this table, highlighting a year full of major developments across financial services and fintechs accelerating strategic desires to […]
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Dec 10, 2020, 4:47AM UTC

The Interchange: Visa wants to be a network of networks. It's winning the connection to public digital asset networks

Visa often notes a core strategic priority of the company is to be a network of networks.  News this week that Visa will be powering BlockFi’s long-awaited bitcoin rewards credit card and integrating Circle APIs to support USDC for B2B (business-to-business) transactions only further accentuates the desire the company has placed this year on making […]
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Dec 4, 2020, 12:00PM UTC

The Interchange: MicroStrategy's first mover advantage into bitcoin as corporate treasury is already demonstrating eye-watering results

I continue to be enamored with everything that is MicroStrategy’s historic “indefinite Bitcoin Treasury Reserve Policy.” A policy that states the company will continue to purchase additional bitcoin (currently have ~38K BTC) as the firm generates cash beyond what is needed to run the business on a day-to-day basis (what they have determined to be […]
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Nov 19, 2020, 6:00AM UTC